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FM Nirmala Sitharaman Urges Regulators to Curb Unauthorised Lending Apps

OutlookIndia

OutlookIndia · 1y ago

FM Nirmala Sitharaman Urges Regulators to Curb Unauthorised Lending Apps

Finance Minister Nirmala Sitharaman has urged financial sector regulators, including the Reserve Bank of India (RBI), to take measures to combat unauthorised lending through online apps. At a Financial Stability and Development Council (FSDC) meeting, Sitharaman emphasised the need for constant vigilance and proactive detection of emerging financial stability risks. The FSDC also discussed issues related to the implementation of decisions taken by the council, including uniform know-your-customer (KYC) norms and the simplification and digitalisation of the KYC process. The meeting aimed to strengthen inter-regulatory coordination and support the development of the financial sector for inclusive economic growth.

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Finance Minister Holds Top-Level Meet To Cull Illicit Spread Of Digital Lending Apps

Inc42 · 1y ago

Finance Minister Holds Top-Level Meet To Cull Illicit Spread Of Digital Lending Apps

During the 28th Financial Stability and Development Council (FSDC) meeting, chaired by Finance Minister Nirmala Sitharaman, the government discussed the issue of unauthorised lending through online apps and measures to curb its spread. The meeting included key decision-makers such as RBI Governor Shaktikanta Das and SEBI's chairperson Madhabi Puri Buch. The finance minister emphasized the need to increase vigilance in containing the spread of unauthorised online lending apps, highlighting concerns about the unregulated spread of digital lending in the country. This comes after the government directed Google to implement stricter norms in checking the spread of fraudulent lending apps. Despite efforts, illegal lending apps still pose a security risk in India's growing digital lending ecosystem.

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM Nirmala Sitharaman

Economic Times

Economic Times · 1y ago

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM Nirmala Sitharaman

Google has removed over 2,500 fraudulent loan apps from its Play Store between April 2021 and July 2022, according to Finance Minister Nirmala Sitharaman. The government is collaborating with regulators to control such apps and maintain cyber security. The Reserve Bank of India (RBI) has shared a whitelist of legal apps that meet the revised policy requirements for enforcement on the Play Store. The Indian Cyber Crime Coordination Centre is actively analyzing digital lending apps to identify suspicious ones, while efforts are being made to raise awareness and mitigate risks.

FM urges fintechs to tackle digital arrests, deepfakes, and cyber fraud

YourStory

YourStory · 1m ago

FM urges fintechs to tackle digital arrests, deepfakes, and cyber fraud

Finance Minister Nirmala Sitharaman urged fintech startups to address digital arrests, deepfakes, and cyber fraud at the Digital Payments Awards 2025. She emphasized the sector's role in accelerating financial inclusion and urged fintechs to develop solutions for emerging challenges. Sitharaman highlighted India's fintech potential as global public goods and encouraged exporting successful models. She noted India's real-time digital transaction prominence and the significance of combining digital and physical customer service for trust-building.

Fintech firms enabling secure, inclusive financial services for merchants, MSMEs: FM

YourStory

YourStory · 2m ago

Fintech firms enabling secure, inclusive financial services for merchants, MSMEs: FM

Finance Minister Nirmala Sitharaman praised fintech innovations for enhancing secure and inclusive financial services during her visit to Pine Labs. She highlighted their role in expanding India’s Digital Public Infrastructure, benefiting merchants and MSMEs. Sitharaman witnessed demonstrations of fintech solutions related to prepaid instruments and the Account Aggregator framework, emphasizing their transformative impact. A recent study showed 90% of MSMEs accept online payments, but only 18% utilize digital lending, indicating growth potential.

FM Nirmala Sitharaman asks multilateral bodies to ensure funds are used for intended purpose

Economic Times

Economic Times · 1m ago

FM Nirmala Sitharaman asks multilateral bodies to ensure funds are used for intended purpose

Finance Minister Nirmala Sitharaman emphasized the need for multilateral development banks to align their lending with long-term goals and implement robust monitoring to ensure funds are used as intended. Speaking at the 4th International Conference on Financing for Development in Spain, she highlighted India's opposition to lending to Pakistan due to potential misuse for terrorism and defense spending. She also stressed on reforming international financial architecture to support inclusivity, climate finance, and sustainable development.

FM Nirmala Sitharaman asks RBI, fintechs to hold monthly meetings in wake of Paytm crisis

Economic Times

Economic Times · 1y ago

FM Nirmala Sitharaman asks RBI, fintechs to hold monthly meetings in wake of Paytm crisis

Finance Minister Nirmala Sitharaman has called for monthly meetings between regulators and startups and fintech firms to address their concerns and ensure regulatory compliance. This comes in the wake of actions taken by the Reserve Bank of India against Paytm Payments Bank. The finance ministry outlined action points including simplifying KYC processes, addressing cybercrime concerns, and reviewing ownership changes in fintech companies. Sitharaman also reassured the industry that the government prioritizes the health of the startup and fintech ecosystem. Vijay Shekhar Sharma, chairman and board member of Paytm Payments Bank, resigned on the same day.

Conspiracy To End India’s Entrepreneurship Culture: FM

Inc42 · 1y ago

Conspiracy To End India’s Entrepreneurship Culture: FM

Finance Minister Nirmala Sitharaman addressed the FY25 Budget discussion in Lok Sabha, stating that entrepreneurship was being portrayed negatively as part of a conspiracy. Sitharaman did not name any specific entities but mentioned forces working to highlight India's instability strategically, politically, and economically. She expressed concern over rumors being spread about India's inability to provide security to foreign investments, emphasizing the need to address this situation.

Use UPI’s Digital Footprints To Expand Business Prospects: FM To Banks

Inc42 · 10m ago

Use UPI’s Digital Footprints To Expand Business Prospects: FM To Banks

Finance Minister Nirmala Sitharaman emphasized the significant role of the Unified Payments Interface (UPI) in India's banking sector. She urged banks to capitalize on the digital footprints established by UPI to expand their businesses. Sitharaman also highlighted that India accounts for 45% of all real-time payments globally, encouraging banks to seize this opportunity for growth.

FM Nirmala Sitharaman calls for friendly tax compliance processes

Economic Times

Economic Times · 1m ago

FM Nirmala Sitharaman calls for friendly tax compliance processes

Finance Minister Nirmala Sitharaman urged tax officials to simplify tax compliance, focusing on transparency and taxpayer-friendliness. She emphasized quick resolution of pending tax disputes, targeting over 225,000 appeals this fiscal year. Sitharaman highlighted recent reforms like faceless assessments, and announced a forthcoming Income Tax Bill to ease tax laws. She stressed the importance of structured compliance processes for better voluntary compliance and noted increased tax refunds of Rs 86,000 crore this year.

FM announces ₹2-cr loan scheme for first-time women, SC & ST entrepreneurs

Inshorts · 6m ago

FM announces ₹2-cr loan scheme for first-time women, SC & ST entrepreneurs

Presenting Budget 2025-26, Finance Minister Nirmala Sitharaman said the government will launch a new scheme for five lakh women, SC & ST first-time entrepreneurs. Under the scheme, the government will provide term loans of up to ₹2 crore to them during the next five years. Sitharaman said the scheme would provide them with financial resources to pursue their business ideas.

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